Speaking at the inaugural session of the World Leaders Forum 2024, Vaishnaw said that over 99% of all mobile phones used in India are manufactured in the country.
“This year Apple will be manufacturing “Its latest model in India. The value of electronics manufacturing in India had grown to $105 billion by 2022-23, up from $29 billion in 2013-14. We are preparing a programme where the component ecosystem can now come in the way electronics and mobile manufacturing has done,” he said.
The government is likely to allocate up to Rs 40,000 crore for a Manufacturing of electronic components The scheme, likely to be implemented by the end of this year, envisages successful applicants investing around Rs 82,000 crore in total, while the total value of components The value generated by these companies could range between Rs 1.95 trillion and Rs 2 trillion over the duration of the plan.
The government’s focus on infrastructure encompasses three areas including physical infrastructure development, progress in digital infrastructure and improvements in social infrastructure.
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Talking about the progress in the country’s physical infrastructure, Vaishnaw said the government had approved railway, road, airport and port projects worth Rs 2 trillion since June 2024, when the government began its third term. On railways, Vaishnaw said the government had laid over 31,000 kilometres of railway tracks in the last 10 years, with an average of 14.5 kilometres per day in 2023-24.
The government will also begin trials of Vande Bharat sleeper trains within the next seven days, he said, adding that the concept of these was to develop good products designed in India.
Earlier in the day, Prime Minister Narendra Modi inaugurated three new Vande Bharat trains from Chennai to Nagercoil, Madurai to Bengaluru and Meerut to Lucknow.
Speaking at WLF 2024, Vaishnaw also said that the government’s thought process is to democratise technology by ensuring that big tech companies do not have a monopoly over it.
“We need to ensure that every person who has a good idea gets a chance to test it and build something out of it. That is the idea behind India Stack,” Vaishnaw said.
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